Indian Oil Corporation (IOC) has initiated action for restarting works for setting up bulk storage facilities for handling High Speed Diesel (HSD) and Superior Kerosence Oil (SKO) in Kavaratti and Minicoy islands. The company has taken this step pursuant to receiving clearance from Union Territory of Lakshadweep (UTL) Administration in December 2012. The company expects the project to be completed by July, 2014.
The project was stopped in September, 2006 on the advice of the UTL Administration based on advice of Ministry of Environment and Forests (MOEF). IOC had earlier entered into an agreement with UTL Administration in April 2004 to set up the project pursuant to receiving clearance from Government.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
